SolarCity announced earlier this month that it intended to begin cutting jobs in an attempt to streamline the company’s business following lower-than-expected quarterly results and forecasted guidance.
To soften the blow, somewhat, SolarCity’s co-founders, brothers Lyndon and Peter Rive, asked the board to reduce their salaries from $275,000 per year to a token $1 per year, effective as of August 16, 2016.
SolarCity chose not to reveal the precise numbers or locations of where the job cuts would hit, but papers obtained by staff from PV Magazine have revealed that the company is set to lay off 80 employees at its San Mateo headquarters in California, and another 28 from its offices in San Francisco.
According to the public filings obtained by PV Magazine, layoffs are expected to commence on October 19.
The layoffs might appear relatively insignificant in the overall scheme of things — SolarCity currently has an estimated staff of 13,000 — but this may be the point we look back on which started a much larger trend.
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